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1135 E 3rd St 11 Unit Apartment Building $2,548,024 CAD ($231,639 CAD/Unit) 5.84% Cap Rate Long Beach, CA 90802
INVESTMENT HIGHLIGHTS
- In-Demand Location, Minutes from Alamitos Beach, Downtown, and The Pike Outlets
- Gated Access and On-Site Laundry
- Long Term Ownership – Motivated Seller
- Majority Single Story Units + Detached 3-Bedroom House
- Added Value Opportunity – Projected ±50% in Rental Upside
- Part of a (4) Property Portfolio – Can Be Purchase Separately or Together
EXECUTIVE SUMMARY
Morgan Skenderian is pleased to present 1135 E. 3rd Street, an 11-unit apartment investment opportunity located in the sought-after Long Beach neighborhood of Alamitos Beach. Offered for sale for the first time in decades, the property is ideally located just a short walk from the beach, and mere minutes from both Downtown and Retro Row. It is comprised of (10) studios (2 of which are exceptionally large), and (1) detached 3-bedroom/2-bathroom house, with its own garage. 1135 E. 3rd St. offers substantial upside potential by updating the units and bringing rents closer to market levels.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$225,686
|
$33.61
|
| Other Income |
$2,777
|
$0.41
|
| Vacancy Loss |
$6,853
|
$1.02
|
| Effective Gross Income |
$221,609
|
$33.00
|
| Taxes |
$34,482
|
$5.14
|
| Operating Expenses |
$38,229
|
$5.69
|
| Total Expenses |
$72,711
|
$10.83
|
| Net Operating Income |
$148,898
|
$22.17
|
FINANCIAL SUMMARY (ACTUAL - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $225,686 |
| Annual Per SF | $33.61 |
| Other Income (CAD) | |
|---|---|
| Annual | $2,777 |
| Annual Per SF | $0.41 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $6,853 |
| Annual Per SF | $1.02 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $221,609 |
| Annual Per SF | $33.00 |
| Taxes (CAD) | |
|---|---|
| Annual | $34,482 |
| Annual Per SF | $5.14 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $38,229 |
| Annual Per SF | $5.69 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $72,711 |
| Annual Per SF | $10.83 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $148,898 |
| Annual Per SF | $22.17 |
PROPERTY FACTS In Escrow
| Price | $2,548,024 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $231,639 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.19 AC |
| Cap Rate | 5.84% | Building Size | 6,715 SF |
| Gross Rent Multiplier | 11.15 | Average Occupancy | 100% |
| No. Units | 11 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1923 |
| Property Subtype | Apartment | Parking Ratio | 0.15/1,000 SF |
| Zoning | R3, Long Beach | ||
| Price | $2,548,024 CAD |
| Price Per Unit | $231,639 CAD |
| Sale Type | Investment |
| Cap Rate | 5.84% |
| Gross Rent Multiplier | 11.15 |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 6,715 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1923 |
| Parking Ratio | 0.15/1,000 SF |
| Zoning | R3, Long Beach |
AMENITIES
SITE AMENITIES
- Controlled Access
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 10 | $1,584 CAD | 500 - 625 |
| 3+2 | 1 | $2,968 CAD | 1,465 |
1 1
Walk Score®
Walker's Paradise (93)
Bike Score®
Biker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 7275-005-018 | Total Assessment | $801,983 CAD (2025) |
| Land Assessment | $320,789 CAD (2025) | Annual Taxes | $34,482 CAD ($5.14 CAD/SF) |
| Improvements Assessment | $481,194 CAD (2025) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
7275-005-018
Land Assessment
$320,789 CAD (2025)
Improvements Assessment
$481,194 CAD (2025)
Total Assessment
$801,983 CAD (2025)
Annual Taxes
$34,482 CAD ($5.14 CAD/SF)
Tax Year
2023
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1135 E 3rd St
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